Korea’s Big 3 Yards in Path of Recovery
By Aiswarya Lakshmi
Monday, June 5, 2017
South Korea’s shipbuilders are expected to recover this year after suffering from a global industrywide slump, reported The Korea Economic Daily.
The report said that Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) have already achieved more than a half of their annual targets.
SHI clinched deals worth US$4.8 billion coming into this year, which accounts for 74 percent of its annual target of $6.5 billion. It won orders for 13 ships worth US$4.8 billion so far this year, including eight tankers, two LNG carriers, one LNG-FSRU, one FLNG, and one FPU.
Hyundai Heavy Industries Group also successfully posted deals worth $3.8 billion in the first five months of this year, which is already 50 percent above its annual target of $7.5 billion. The group has landed orders to build 62 ships.
Daewoo Shipbuilding & Marine Engineering (DSME) clinched deals worth around $770m from January to May 2017, falling behind its local rivals. Yonhap says that DSME expects to secure deals worth $5.5 billion this year.